UBS

Standard Chartered’s two tranche offering of senior unsecured debt this week represented some of the cheapest funding the bank has raised since its inception in 1868, said Chris Danels, global head of capital management at the bank. It showed that despite the ever intensifying search for yield, investors are also still hungry to diversify into low beta paper.

Cinven has announced its takeover of the telecoms branch of Spanish gas utilities group Gas Natural Fenosa, as the private equity firm seeks to maintain its presence in a sector which has brought it some of its best returns.

Kookmin Bank will be meeting investors during the next two weeks for a proposed international bond.

Luye Pharma Group started premarketing a $800m Hong Kong IPO on June 11, with those on the deal confident that investor demand will be red hot.

Investors poured into Beijing Enterprises Group Company’s (BE Group) HK$4.31bn ($556m) exchangeable bond on June 10 as the opportunity to invest in a major blue chip was too good to ignore even though the terms were aggressive.

Sovereign, supranational and agency bankers are braced for a busy week of issuance, as demand for paper soars in the wake of the European Central Bank’s unveiling of a series of measures which have butchered rates last Thursday.

Korean issuance is picking up in the wake of the Republic of Korea’s dual tranche offering on June 3. Latest out the blocks include Korea National Oil Corp. which is meeting investors for a euro-denominated bond, and Korea Gas Corp, which is looking at dollars.

Luye Pharma Group started premarketing an $800m Hong Kong IPO on June 11 and those on the deal are confident investor demand will be red hot.

With senior FIG spreads moving tighter following the announcement of rate cuts by the European Central Bank last week, Intesa Sanpaolo was able to benefit from the ensuing hunt for yield on Tuesday to draw a hefty order book. In contrast, Finnish bank Pohjola struggled to tighten pricing on a five year senior print, though the UK’s Bupa benefited from its rarity to breeze through a sterling print.

Toronto Dominion Bank and Standard Chartered both took to the short end of the curve with floating rate deals on Tuesday pulling off trades despite heavy demand for longer dated bonds and riskier credits following the announcement of the European Central Bank’s rate cuts last week.

UBS has hired Jerry Kao, former director, equity derivatives trader at Deutsche Bank in New York.

TSB’s low return on equity and worries about the UK market mean that Lloyds Bank's IPO of the British commercial bank will be offered at a discount to book value when the sale is completed later this month.